Megent Financial heads back to LPL with $450 million of assets

Megent Financial heads back to LPL with $450 million of assets
The hybrid RIA firm collects both commissions and fees for advice provided to union workers and their families.
MAY 10, 2016
Megent Financial, an independent financial-advice firm for union workers, has returned to brokerage firm LPL Financial after substantial growth over the past few years. The firm's nine advisers do business in the greater Chicago area, collecting fees and commissions for retirement plan and health benefit services they provide to those working in organized labor unions, according to a statement Tuesday from LPL. Megent had about $450 million of brokerage and advisory assets as recently as last month. The Orland Park, Ill.-based firm will operate its fee-based practice through the registered investment adviser Opus Wealth Management Group on LPL's hybrid RIA platform. Before its return, Megent had been on LPL's broker-dealer platform for several years into 2012, according to the statement. “In the past few years our firm has grown substantially, and we believe that LPL can best support our firm with its size and scale,” Eric Burton, Megent's president, said in the statement. He also cited the firm's support in recruiting advisers and other firms to its business. Boston-based LPL provides technology, clearing and compliance services, as well as practice management programs and independent research to more than 14,000 independent financial advisers. Before joining the firm's network, Mr. Burton was previously registered with FSC Securities Corp., according to the Financial Industry Regulatory Authority Inc.'s BrokerCheck. Mr. Burton and LPL spokeswoman Lauren Hoyt-Williams didn't immediately return phone calls seeking comment.

Latest News

Barred advisor forged wife’s signature on life insurance contracts, according to FINRA
Barred advisor forged wife’s signature on life insurance contracts, according to FINRA

Thrivent Investment Management Inc. in May fired Nicholas Hale, according to his BrokerCheck profile.

Raymond James lands $18.7B Synovus team as LPL adds UBS breakaways
Raymond James lands $18.7B Synovus team as LPL adds UBS breakaways

About 70 bank and credit union advisors move to the Raymond James platform, while a $480M New Jersey team goes independent with LPL

Tax-aware investing should expand client choices, not constrain them 
Tax-aware investing should expand client choices, not constrain them 

The best tax plan asks not only how much a client could save, but what they would have to give up to save it. 

Merrill veteran Jonathan Stogsdill joins Trinity Wealth Advisors in St. Louis
Merrill veteran Jonathan Stogsdill joins Trinity Wealth Advisors in St. Louis

A 20-year financial services veteran brings values-driven planning expertise to the St. Louis-based RIA.

SEC enforcement against public companies hits record low under Atkins
SEC enforcement against public companies hits record low under Atkins

New research shows a 71% plunge in actions in fiscal year 2026, with total settlements the lowest since the database began.

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.